Please do not give solution in image format thanku SalesCost of goods sold)Gross marginSelling and administrative expenses:Selling expensesAdministrative expensesOperating incomeSalesVariable expensesSkis sell, on average, for $1,500 per pair Variable selling expenses are $178 per pair of skis sold. The remaining selling expensesfixed. The administrative expenses are 20% variable and 80% fixed. The company purchases its skis from several suppliers at anaverage cost of $900 per pair.Crazy Canucks.Income Statement-Crazy CanucksFor the Month Ended January 31Cost of goods soldAdministrative expensesRequired:1. Prepare an income statement for the month using the contribution approach.Selling expensesContribution marginFixed expensesAdministrative expensesIncome Statement-Crazy CanucksFor the Honth Ended January 31Selling expensesOperating incomeContribution marginELITE $ 205,200Total contribution margin)S 342,000$205,200136,8001111$$68,40022.800$ 342,000205,200136,8000136,80091,200$ 45,6002. For every pair of skis sold during January, what was the contribution toward covering fixed expenses and toward earning profits?per pair3. What would the total contribution margin be in a month where 178 paus of skis were sold?

CVP analysis, or cost-volume-profit analysis, is a management accounting technique used to analyze…

Sales Cost of goods sold Gross mergin Selling and administrative expenses: Selling expenses Administrative expenses Operating income Sales Variable expenses Cost of goods sold Administrative expenses Skis sell, on average, for $1.500 per pair Variable selling expenses are $178 per pair of skis sold. The remaining selling expenses fixed. The administrative expenses are 20% variable and 80% fixed. The company purchases its skis from several suppliers at an average cost of $900 per pair. Crazy Canucks Income Statement-Crazy Canucks For the Month Ended January 31 Selling expenses Contribution margin Fixed expenses Income Statement-Crazy Canucks for the Month Ended January 311 Required: 1. Prepare an income statement for the month using the contribution approach Administrative expenses Selling expenses Operating income $205,200 $ 342,000 per pair $ $ $68,400 22,800 205,200 136,000 $ 342,000 205,200 136,800 136,800 91,200 $ 45,000 2. For every pair of skis sold during January, what was the contribution toward covering fixed expenses and toward earning profits? Contribution margin 3. What would the total contribution margin be in a month where 178 pairs of skis were sold?

Sales Cost of goods sold Gross mergin Selling and administrative expenses: Selling expenses Administrative expenses Operating income Sales Variable expenses Cost of goods sold Administrative expenses Skis sell, on average, for $1.500 per pair Variable selling expenses are $178 per pair of skis sold. The remaining selling expenses fixed. The administrative expenses are 20% variable and 80% fixed. The company purchases its skis from several suppliers at an average cost of $900 per pair. Crazy Canucks Income Statement-Crazy Canucks For the Month Ended January 31 Selling expenses Contribution margin Fixed expenses Income Statement-Crazy Canucks for the Month Ended January 311 Required: 1. Prepare an income statement for the month using the contribution approach Administrative expenses Selling expenses Operating income $205,200 $ 342,000 per pair $ $ $68,400 22,800 205,200 136,000 $ 342,000 205,200 136,800 136,800 91,200 $ 45,000 2. For every pair of skis sold during January, what was the contribution toward covering fixed expenses and toward earning profits? Contribution margin 3. What would the total contribution margin be in a month where 178 pairs of skis were sold?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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